​​​​​​​Are You Retirement Ready? By Robin Trimingham

Are You Retirement Ready? By Robin Trimingham

If you are approaching the age of sixty, it is normal for thoughts of retirement to start occupying your thoughts.

For some people the last five years of work seem like an eternity as they count the days and months until they are “free”. For others, the idea of not working is so terrifying that they scoff at the very idea that they will ever stop working.

However, regardless of whether you are desperate to leave your job or determined to stay as long as possible, studies have shown that the average person plans longer for a two-week vacation than they do for their entire retirement and that we could all do with more comprehensive life planning.

Maybe the problem is simply that a lot of us no longer relate to the word “retirement” itself because it conjures up notions of sitting idle with little mental simulation or activity.

Whatever your vision of later life, it’s fair to say that few of us actually dream of sitting in an empty living room with the cat for days at a time. At the very least, we have ideas of spending time with grandchildren or travelling the world for a while.

But are these ideas even realistic if you don’t know what sort of lifestyle you will be able to afford once you are living on a fixed retirement income, or whether the person you live with will support your chosen lifestyle or fight you at every turn?

Is it possible that you have fallen into the trap of viewing a change of life that will permanently affect you both as simply “your retirement”?

Whatever you have been considering, there are few key things that every Baby Boomer needs to consider before they embark on the third phase of their lives, and a lot of them involve coming to some sort of an agreement with the person that you live with.

Check out the following list to get an idea where your future planning for the next phase of your life really stands and then consider asking your spouse or life partner to do the same.

Whether the results are comforting, enlightening or shocking, you will have a much clearer view of what lies ahead:

  1. What changes to you want or need to make to your lifestyle once you retire?
  2. What is the number one retirement fear that you struggle with?
  3. Does your spouse or life partner know about this fear?
  4. What can you do to convert this fear into a life changing opportunity that will benefit you both?
  5. What are your personal retirement dreams?
  6. Have you discussed these dreams with your spouse or life partner?
  7. Without asking, how much do you know about your spouse or life partner’s retirement dreams?
  8. What problems do you foresee in making these independent dreams into a combined reality that will suit you both?

By Robin Trimingham

Bill Storie and Robin Trimingham are the co-founders of The Olderhood Group Ltd., an online learning company with + 100,000 global followers in over 100 countries. The Leaders in Action video series, produced by Olderhood Productions International (part of The Olderhood Group) features short video interviews with recognized Leaders in multi-national companies, global organizations, and renowned experts in various locations around the world including London, Los Angeles, Mumbai, Singapore, New Delhi, and many others. The Series is published on Olderhood’s social media pages, The Royal Gazette, LinkedIn and through its several Partnership Networks globally to millions of viewers around the world. The Olderhood Group provides life transition, financial literacy and retirement lifestyle planning, education, and training for corporations in the form of videos, podcasts and webinars. The consulting practice focuses on helping companies augment their employee benefits programs, and their customer outreach initiatives, by seamlessly integrating customized workshops, in-house training, and online learning opportunities into their existing platforms.